Financial Stability - Be Ready for Anything!
Financial Stability - Be Ready for Anything!
Saving money is something we all know we should do, but it's definitely one of those things that is easier said than done. However, by saving money much of the stress that many people feel in regards to their finances could be eliminated, or at the very least, reduced. Below are seven simple tips to develop good saving habits that are essential to help you take control of your financial future.
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Transfer a certain percentage of your paycheck to your savings account each payday. You earned the money; you keep some of it!
2. Save Your Tax Refund and Any Work Bonuses
It's tempting to spend your tax refund or bonus as soon as it reaches your bank account; however, if you can, save it in a high-yielding savings account so that it can accumulate interest and grow.
3. Cut Back on Your Home Expenses
From transitioning to a less-expensive cable television package or mobile phone plan to reducing your monthly grocery bill, there are lots of ways to cut home spending. If you're not sure where to make cuts, create a list of your discretionary spending, including meals out, gourmet coffee, new clothes, etc. Little things like making your own coffee or shopping at outlets can add up to big savings.
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Whether you wish to save enough to cover three months' expenses or for a down payment on a new home, it's helpful to have a number in mind that can be broken down into smaller, more manageable increments. Keep motivated by signing up to receive emails from your bank with your account balance.
5. Turn Saving Into A Game
If you and your significant other or friend need competitive motivation to save money, create a game to see who can save the most each paycheck or each month.
6. Put Extra Cash or Change Into A Jar
Instead of letting change accrue at the bottom of your purse, on the kitchen counter, or in your pockets, toss it into a large jar. Although it may seem insignificant, you may be surprised by how much you can save.
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Set up a reminder on your phone or place a sticky note on your calendar to remind you to save money. While it may take a month or two of focus and constant reminders to remember to save, it can become a habit that will pay off for years to come.
So, now that you know how to save money, it might be helpful to know why you're saving money. One of the most important reasons to have a healthy savings account is so that you can be prepared for any of life's unexpected emergencies. Keep reading to get acquainted with five situations that require an emergency fund. The list might just give you the incentive that you need to start on your savings plan today!
1. You or Your Spouse Loses a Job
A job loss can happen to anyone at anytime. Regardless of the circumstances behind the redundancy, it's crucial to have enough money in savings to cover your expenses for three to six months. This will keep you current on your bills while you cut back on expenses and find new employment.
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Even if you have health insurance, emergencies, unexpected expenses and high deductibles can put you in a financial rut if you don't have enough money saved to cover the bill. A healthy savings account can help you through when you're not at your best.
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3. Unexpected Home or Vehicle Repairs
Repairs are inevitable, regardless of the age of your home or vehicle.Although homeowners or renters insurance and vehicle warranties may pay for many repairs, they don't cover everything. For those situations, it's helpful to have a stash of cash to pay for unexpected maintenance or repairs.
4. Tax-Time Surprises
The only time most people think about taxes is in April when they're due. While some people eagerly plan what they'll do with their refund, others are surprised with a tax bill that is much higher than what they had anticipated. Having the money in savings to cover the bill can help defray the financial shock.
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No, we're not talking about a great deal to Fiji. This kind of travel usually involves an ailing loved one, a funeral or other family-related emergency where you need to get somewhere fast. Having cash on hand to pay for the trip will prevent you from accruing credit card debt.
Good luck with saving and remember, The Roxburgh Group is always here to help!
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